Average economic growth in Asia is forecast at 6.1 percent this year, dropping from 6.6 percent last year, amid slim hopes of a convincing turnaround in the global economy, according to Goldman Sachs' latest predictions released yesterday.
"The US will require another year to adjust both real and financial imbalances following the bursting of the bubble," said the investment bank's Asia-Pacific Economic Analyst report.
"Meanwhile, little help will be forthcoming from the EU and Japan as both will be held back by structural weaknesses and policy inertia," it added.
Even the hot Chinese economy, running at 8 percent last year, was expected to ease to a "more sustainable, though still robust" pace of 7.2 percent this year, Goldman Sachs said.
It is relatively more positive about the outlook for Malaysia, Indonesia and Thailand. The consumer cycle is likely to stay strong in those countries, it said, and there are emerging signs of a rebound in fixed investments.
Malaysia is likely to post sub-par growth of 5.1 percent while Indonesia is pegged at 4.5 percent and Thailand at 5.7 percent.
Singapore is seen as trailing many Asian economies, coming in barely ahead of Hong Kong, Taiwan and the Philippines.
Growth for the city-state is forecast at 3.8 percent against Hong Kong's 3, Taiwan's 3.6 and the Philippines' 3.6 percent, according to the bank.
The report sees little sign of an independent source of domestic demand growth in Taiwan.
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